FOX (NASDAQ:FOXA) Stock Rating Upgraded by Argus

FOX (NASDAQ:FOXA) was upgraded by equities research analysts at Argus to a “hold” rating in a note issued to investors on Thursday,Zacks.com reports.

Several other equities analysts also recently commented on the company. Zacks Research downgraded FOX from a “strong-buy” rating to a “hold” rating in a research note on Thursday, February 5th. Evercore boosted their target price on FOX from $66.00 to $70.00 and gave the company an “in-line” rating in a research note on Thursday, February 5th. Wells Fargo & Company cut FOX from an “overweight” rating to a “hold” rating in a research report on Thursday, February 5th. Guggenheim lifted their price objective on FOX from $75.00 to $85.00 and gave the stock a “buy” rating in a report on Monday, December 22nd. Finally, TD Cowen boosted their price objective on FOX from $55.00 to $65.00 and gave the company a “hold” rating in a research note on Thursday, February 5th. Eight analysts have rated the stock with a Buy rating and nine have given a Hold rating to the company. According to data from MarketBeat, FOX presently has a consensus rating of “Hold” and an average target price of $75.07.

FOX Price Performance

FOX stock opened at $57.02 on Thursday. FOX has a 52 week low of $46.42 and a 52 week high of $76.39. The company’s 50 day moving average price is $69.60 and its two-hundred day moving average price is $64.42. The stock has a market cap of $24.26 billion, a P/E ratio of 13.71, a P/E/G ratio of 7.39 and a beta of 0.51. The company has a quick ratio of 2.44, a current ratio of 2.78 and a debt-to-equity ratio of 0.60.

FOX (NASDAQ:FOXA) last announced its quarterly earnings data on Wednesday, February 4th. The company reported $0.82 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.47 by $0.35. The firm had revenue of $5.18 billion during the quarter, compared to the consensus estimate of $5.02 billion. FOX had a return on equity of 18.14% and a net margin of 11.41%.The business’s revenue for the quarter was up 2.0% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.96 EPS. On average, equities analysts predict that FOX will post 4.38 earnings per share for the current year.

Insider Activity at FOX

In other news, insider Adam G. Ciongoli sold 29,897 shares of the firm’s stock in a transaction on Tuesday, December 9th. The shares were sold at an average price of $69.55, for a total transaction of $2,079,336.35. Following the sale, the insider owned 35,978 shares in the company, valued at approximately $2,502,269.90. This trade represents a 45.38% decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. 19.68% of the stock is owned by insiders.

Hedge Funds Weigh In On FOX

Several institutional investors and hedge funds have recently made changes to their positions in the business. Winnow Wealth LLC purchased a new position in FOX in the 3rd quarter worth approximately $1,238,000. Bank of New York Mellon Corp boosted its stake in shares of FOX by 0.9% during the third quarter. Bank of New York Mellon Corp now owns 1,924,975 shares of the company’s stock valued at $121,389,000 after purchasing an additional 16,757 shares during the period. BI Asset Management Fondsmaeglerselskab A S grew its holdings in shares of FOX by 23.0% in the third quarter. BI Asset Management Fondsmaeglerselskab A S now owns 150,522 shares of the company’s stock worth $9,492,000 after purchasing an additional 28,118 shares during the last quarter. Fort Washington Investment Advisors Inc. OH grew its holdings in shares of FOX by 9.3% in the third quarter. Fort Washington Investment Advisors Inc. OH now owns 662,247 shares of the company’s stock worth $41,761,000 after purchasing an additional 56,234 shares during the last quarter. Finally, Marshall Wace LLP increased its stake in shares of FOX by 415.7% in the second quarter. Marshall Wace LLP now owns 230,570 shares of the company’s stock worth $12,921,000 after buying an additional 185,859 shares during the period. Institutional investors own 52.52% of the company’s stock.

About FOX

Fox Corporation (NASDAQ: FOXA) is a U.S.-based media company focused on television broadcasting, cable news and sports programming, and digital distribution. The company was formed in 2019 as the successor to certain assets of 21st Century Fox after a transaction that transferred many film and television studio assets to The Walt Disney Company. Fox Corp’s operations center on the Fox Broadcasting network, a portfolio of local television stations, national news and business cable networks, and sports media properties.

Fox produces, acquires and distributes a range of live and recorded programming, including news, opinion and commentary, national and local sports telecasts, and general entertainment.